Deutsche Bank, Commerzbank shares down 17pc in Brexit meltdown

FRANKFURT: Shares in Germany's two biggest lenders, Deutsche Bank and Commerzbank, fell as much as 18 percent at the start of trade on Friday, the heaviest losers in the market meltdown triggered by Britain's vote to leave the European Union.

Shares in Deutsche Bank fell by 18 percent to an intraday low of 12.76 euros and Commerzbank also fell 18.1 percent to a low of 5.84 euros.

Earlier, Deutsche Bank chief John Cryan had said that the Brexit vote was "not such a good day for Europe. At this stage, we cannot fully foresee the consequences, but there's no doubt that they will be negative on all sides. As a bank headquartered in Germany and with a strong presence in the UK, we are well prepared. However, there's no doubt that the uncertainty created by the referendum's results will be a challenge."

-AFP